NEW YORK (AP) — Stocks fell in morning trading Friday as Wall Street closes out a holiday-shortened week.
The S&P 500 fell 1%. The benchmark index is still on track for a 0.8% gain for the week.
The Dow Jones Industrial Average fell 191 points, or 0.5%, to 43,177 as of 10:02 a.m. Eastern time. The Nasdaq composite fell 1.6%. Both the Dow and the Nasdaq are also on track for weekly gains.
Investors don't have much in the way of corporate or economic updates to review as the market moves closer to another standout annual finish. The S&P 500 is on track for a gain of more than 25% in 2024. That would mark a second consecutive yearly gain of more than 20%, the first time that has happened since 1997-1998.
The gains have been driven partly by upbeat economic data showing that consumer continued spending and the labor market remain strong. Inflation, while still high, has also been steadily easing.
A report on Friday showed that sales and inventory estimates for the wholesales trade industry fell 0.2% in November, following a slight gain in October. That weaker-than-expected report follows an update on the labor market Thursday that showed unemployment benefits held steady last week.
In Asia, Japan’s benchmark index surged as the yen remained weak against the dollar. Stocks in South Korea fell after the main opposition party voted to impeach the country’s acting leader.
Markets in Europe gained ground.
Bond yields held relatively steady. The yield on the 10-year Treasury remained at 4.59% from late Thursday. The yield on the two-year Treasury slipped to 4.32% from 4.33% late Thursday.
Wall Street will have more economic updates to look forward to next week, including reports on pending home sales and home prices. There will also be reports on U.S. construction spending and snapshots of manufacturing activity.
